Sorry about the radio silence for a while. Been busy preparing the June quarter summary report which is now available here.
Regarding your suggestion about doing valuation based on proforma 2022-2023 production figures, I am probably not going to try this out because I have hesitation projecting out that far. As I had mentioned before and you understand, my valuation is based on a Seth Klarman's "Margin of Safety" approach whereby I determine whether to swing based on what I see rather than look further. As we have seen the last two years, to what extent did the companies' projections of their production in 2018 vary with the recently reported results? I also expect increased corporate activity going forward so I will adapt to the changes as it occurs.
I am glad that since our posts, the investors appear to be quite enthusiastic about this merger as reflected by the stock price. Hope you are also benefiting from it.
Cheers, Brian
SAR Price at posting:
$6.03 Sentiment: Buy Disclosure: Held
